Crypto proponents and officials meeting to create a new crypto regulation bill for Russia

A meeting has been held between the many players of the industry and government officials to create a precise and better framework to regulate the crypto industry in the Russian Federation. 

On 1 January 2021, Russia introduced its crypto regulation framework to allow Russian citizens to trade with the crypto assets with full legality. However, the provision of crypto not to use for payment methods was not sufficient to bring a better regulatory framework in Russia. 

In present, the crypto industry in Russia is following the same regulatory framework for their crypto-inclined activities. But surely there are many things, which are still outside the regulation. 

Reportedly, the Bank of Russia is planning to introduce Ban on the crypto industry. But other officials are seeking to bring better regulation instead to go with the crypto ban idea. 

A meeting has been held recently between the Lawmakers, government officials, and experts of this industry in the Federal Assembly of Russia, the State Duma. 

The main aim of this meeting was to discuss the creation of a better regulatory framework to prohibit the circulation of the crypto industry in Russia. 

The deputy speaker of the Duma, Gordeev, noted that the government knows very well how this industry is growing but parallelly there is a lack of better regulation. 

The Deputy Speaker also said that the regulatory framework of Russia was a partial regulation system to impose rules like taxes on trading and businesses but many things are outside of the regulation bill law “On Digital Financial Assets”.

The head of the working group, Alexey Gordeev, noted that there is a lack of proper definition of cryptocurrency’ and ‘mining”. And Russian crypto regulations have provisions to not allow people to facilitate crypto transactions (for crypto payments) are not enough to restrict because people still can facilitate any crypto payments. 

According to a few reports, Russia may restrict all exchanges to close deposits and withdraw crypto assets from the platform, to restrict people from using crypto assets in unfair ways outside the laws. 

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